Supermarkets typically display merchandise on four shelves. Heavy, bulky items are stocked on the a. bottom shelf for safety reasons.
Supermarkets need to store merchandise in such a manner that it is visible to the customers and also safe enough. For this purpose, the superstores have shelves that have four compartments.
The heavy, bulky assets or items are always stocked on the bottom shelf. This is because to prevent the upper shelves from breaking and damaging the shelves underneath. Also, heavy items are most likely to get fallen when being taken. Hence, in order to prevent other items in the supermarket from damage, heavy items are displayed on the bottom most shelf.
Although a part of your question is missing, you might be referring to this question:
Supermarkets typically display merchandise on four shelves. Heavy, bulky items are stocked on the ____ for safety reasons.
a. bottom shelf
b. top shelf
c. third shelf
d. second shelf
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When the quantity demanded of a goods is equal to the quantity supplied of that goods, then
Consumer and producer plans only align at the equilibrium price, which is reached when the quantity demanded by consumers and the amount supplied by producers, respectively, are both equal.
Describe what an equilibrium price is and give an illustration.Every market experiences the price at which supply and demand are balanced. The equilibrium price of coffee in the market is therefore $6 per pound. The quantity that is required and supplied at the equilibrium price is the equilibrium quantity.
When supply and demand are equal or nearly equal, the cost to the customer of an item or service at the market-clearing price, sometimes referred to as the equilibrium price, happens. The customer can access as many products as they want, and the producer or seller.
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The village laundry company purchased Br. 6,500 worth of laundry supplies on June 2 and
recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only
birr 30,000 on hand. The adjusting entry that should be made by the company:
A. Debit laundry supplied expense br. 3000 credit laundry supplies, Br. 3000
B. Debit Laundry supplies expense Br. 3500 credit laundry supplies, Br. 3,500
C. Debit laundry supplies Br. 3, 500, credit laundry supplies expense Br. 3, 500
D. Debit laundry expense Br. 3, 500, credit laundry supplies Br. 3, 500
E. None
The company has used supplies with a value of $6,500 - $2,000 = $4,500 in the period, and the journal entry must record this expense by increasing the expense account with a debit entry and decreasing the asset account with a credit entry.
What is journal entry?A journal entry is the act of recording any transaction, whether one that is economic or not.
An accounting diary that displays the debit and credit balances of a corporation lists transactions. Multiple recordings, each of which is either a debit or a credit, may be included in the journal entry.
The total of the debits and credits must be equal in order for the journal entry to be considered balanced.
Depreciation or bond amortization are examples of recurring items that can be recorded in journal entries.
Accounts payable typically has its own subledger that indirectly affects the general ledger, and journal entries are typically entered using a different module in accounting software.
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When incorporating seasonality into a forecast the first step is to determine the seasonality ________.
The first step in adding seasonality to a prediction is to identify the seasonality pattern.
What does the term "forecasting" mean?Forecasting is a method that generates precise forecasts of the future direction of movements using historical data as inputs. Forecasting helps businesses allocate their budgets and plan for upcoming expenses.
What is forecasting and how does it work?The method of projecting entails creating predictions based on historical and current data. These can then be contrasted (resolved) with what actually occurs. For instance, a business can predict its income for the following year and then contrast that prediction with the actual outcomes. A comparable but more broad phrase is prediction.
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To aid in business recovery, copies of applications are usually kept in a safe place to replace those that get damaged. a. True b. False.
To aid in business recovery, copies of applications are usually kept in a safe place to replace those that get damaged.
harm is any trade in a component, frequently a bodily object, that degrades it far from its initial nation. it could broadly be described as "changes introduced into a machine that adversely have an effect on its contemporary or future performance".[1] damage "does no longer necessarily mean overall loss of gadget capability, but as a substitute that the gadget is now not working in its most suitable manner".[1] harm to bodily objects is "the modern physical system via which they ruin",[2]: 1. and includes mechanical stress that weakens a shape, even though this isn't always visible.[2]: ix.
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Question 4
The opposite of a good is a
O Good
O Service
O Wants
O Needs
Why do far fewer children complete high school in poor countries than in rich countries? Do you think education is important to a country's economic growth? Why? Please explain your point with a case.
Because fundamental education is a identified entitlement and society benefits when children are educated, the kingdom have to bear the cost, specifically for poor
Why is it so hard to enhance training in growing countries?The answer is each systemic and circular. Investment in schooling for the duration of the growing world is historically low and uncertain. Many international locations fail to make investments in high quality teachers, education and materials.
In growing and developed international locations alike, adolescents do not have get right of entry to to basic training because of inequalities that originate in sex, health and cultural identification (ethnic origin, language, religion).
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https://brainly.com/question/28868172#SPJ4Countries whose economies are dominated by primary-sector activities tend to have a relatively low per capita GDP. The exceptions are
A. some oil-rich countries (Saudi Arabia, Qatar, Venezuela).
B. tourism-based countries (Jamaica, Kenya, Thailand)
C. manufacturing-based countries (Germany, Italy, Japan)
D. service-based countries (U.S., Canada, Austria)
E. primary commodity-producing countries (Mexico, China, Turkey)
Countries whose economies are dominated by primary-sector activities tend to have a relatively low per capita GDP. The exceptions are some oil-rich countries (Saudi Arabia, Qatar, and Venezuela).
GDPGDP is the monetary value of goods and services produced within a country's borders over a specific time period, usually a quarter or a year. GDP is the most comprehensive measure of an economy's health because it measures changes in output over time. The gross domestic product (GDP) is one of the primary indicators used to assess a country's economic health. It is often referred to as the size of the economy because it represents the total dollar value of all goods and services produced over a specific time period.
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Which of these statements about disaster relief supply chains is best? Select one: a. Critical supplies are usually deployed the instant they are available in the disaster zone. b. Supplies follow a pull flow initially but change to a push flow once demand is more predictable. c. Employee turnover in disaster relief is low since these individuals are dedicated to the cause. d. Most disaster relief supply chains exist for only short times.
Which of these claims regarding supply networks for disaster relief is the most accurate? Ans: d. The majority of supply networks for disaster aid are transient.
What are the three categories of disaster relief?There are three types of basic disaster assistance provided by the federal government: support for people and enterprises, public assistance, & hazard mitigation assistance.
What is an illustration of disaster relief?Disaster aid examples include: establishing temporary shelters that offer a secure place to sleep, meals, and psychological support through skilled staff. delivering food and drink. distributing essentials like cosmetics , hygiene & tarps, shovels, and trash bags for cleanup.
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Which of the following is true regarding the rights of an incidental beneficiary to a contract to sue to recover incidental rights? An incidental beneficiary may sue to enforce incidental contractual rights only if the incidental beneficiary is also a second-party beneficiary. An incidental beneficiary may sue to enforce incidental contractual rights so long as those rights have vested. An incidental beneficiary may sue to enforce incidental contractual rights only if the incidental beneficiary is also a donee beneficiary. O An incidental beneficiary cannot sue to enforce a contract that provides incidental benefits. O An incidental beneficiary may sue to enforce incidental contractual rights so long as those rights have vested. An incidental beneficiary may sue to enforce incidental contractual rights only if the incidental beneficiary is also a donee beneficiary. An incidental beneficiary cannot sue to enforce a contract that provides incidental benefits. An incidental beneficiary may sue to enforce incidental contractual rights only if the incidental beneficiary is also a creditor beneficiary.
An incidental beneficiary cannot sue to enforce a contract that provides incidental benefits is true regarding the rights of an incidental beneficiary to a contract to sue to recover incidental rights.
One who unintentionally reaps the benefits of a transaction between other parties is known as an incidental beneficiary. Incidental beneficiaries cannot bring a lawsuit to enforce a contract, unlike intended beneficiaries. Incidental beneficiaries are not permitted to enforce the contracts of others. According to the rule of privity of contract, a third party cannot bring a claim for damages based on a contract to which he is not a party. Particularly when the contract is for the advantage of the third party, this norm has come under heavy fire recently. Indeed, similar contracts are recognised and upheld by other States' civil law systems. The Indian Law rule that forbids a third party from enforcing contractual conditions established in their favour continues to exist despite pleas for statutory reform.
According to the common law idea of privity, a contract ordinarily cannot grant rights to or impose obligations flowing from it on anybody other than the parties to it.
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if a security's realized return is negative, it must have been true that the expected return was greater than the required return. T/F
If a security's realized return is negative, it must have been true that the expected return was greater than the required return. False.
Stocks, bonds, preferred shares, and ETFs are among the most common examples of marketable securities. money market instruments, futures, options, and hedge fund investments can also be marketable securities.
Securities are fungible and tradable financial instruments used to raise capital in public and private markets. There are primarily three kinds of securities: equity—which affords ownership rights to holders; debt—essentially loans repaid with periodic payments; and hybrids—which combine factors of debt and equity.
There are four main types of safety: debt securities, equity securities, spinoff securities, and hybrid securities, which are a combination of debt and equity .they are called securities due to the fact there is a relaxed economic contract that is transferable, meaning it has clear, standardized, recognized terms, so can be sold and sold via the financial markets.
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After running the numbers on a new Green Job plan, the CBO projects that the government _______ will increase by $40 billion each year, and _______ will increase $400 billion over the project’s lifespan.
A) debt; the deficit
B) debt; transfer payments
C) deficit; debt
D) deficit; transfer payments
Deficit; debt. The required statement for the given question is option (C).
What is deficit and debt?The national debt is the total amount of money the government has acquired over the course of our country's history and is the net result of all government deficits and surpluses. The deficit determines how much money the government must borrow in any given year. The amount of government debt is the interest expense on this debt. Deficits have other reasons besides just recessions.
A government may also be dealing with a debt problem, or one that continues even when the economy is at full employment and capacity. Since it represents the demands that the government is making on the private credit markets, public debt is a much better indicator of how debt is affecting the economy than gross debt.
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Using the principles of classical conditioning or operant conditioning, design two specific marketing objectives for a specific nonprofit (provide a description and the URL if one is available).
Advertisers use psychological responses like classical conditioning and operant conditioning to sway our purchasing decisions.
In classical conditioning, consumers react to a stimulus in a specific, unintentional way; for instance, they may salivate when they see a picture of mouthwatering food. Utilizing rewards or penalties, advertisers try to alter consumer behaviour using operant conditioning. By returning customers' money after they purchase a specific product, as an illustration.Even when there may not be a direct connection between the product and the desired response, classical conditioning in business refers to producing responses that are favourable to the product. A customer might purchase a particular shampoo, for instance, not because it performs better, but rather because the bottle is attractive.Consequently, this is how the fundamentals of classical conditioning can be used to create marketing strategies.
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Sam, a citizen of New Mexico, wants to fila a lawsuit in New Mexico against Tanya, a citizen of Texas for $200,000 US for personal injuries. Their diversity of citizenship may be a basis for
a. a New Mexico court to exercise in rem jurisdiction
b. a federal district court to exercise original jurisdiction
c. a US court of appeals to exercise appellate jurisdiction
d. the US Supreme Court to issue a writ of certiorari
Their diversity of citizenship may be a basis for a federal district court to exercise original jurisdiction
The diversity of citizenship creates a significant legal precedent on the distinction between federal and state jurisdiction. Most Americans, however, have never even heard of this phrase. If you have been charged with a federal offence, continue reading to learn more and get in touch with a qualified criminal defence lawyer.
When the plaintiffs and defendants in a lawsuit do not have a common state of citizenship, this is referred to as diversity of citizenship. In other words, all of the parties on one side of the argument are from different states than the parties on the other.
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leadership is the ability to _____ employees to voluntarily pursue organizational goals. multiple choice reward force compensate influence request
leadership is the ability to influence employees to voluntarily pursue organizational goals. Thus the correct option is D.
What is leadership?Leadership refers to the art of directing and influencing people or groups of people in an organization with pleasing efforts to gain their support and help them to grow by providing better direction.
By working to complete the challenge and advance the organization, leadership involves influencing people by giving them a reason, a course, and motivation. It aids in directing resources inside an organization for increased effectiveness and goal-achieving.
Therefore, option D is appropriate.
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if there were 10 firms in this market, the short-run equilibrium price of ruthenium would be $ per pound. at that price, firms in this industry would . therefore, in the long run, firms would the ruthenium market.
If there were 10 firms in this market, the short-run equilibrium price of ruthenium would be $ per pound. at that price, firms in this industry would . therefore, in the long run, $52, earn a profit, & enter.
What do you mean by short-run equilibrium price?
When the total amount of output required and supplied equals one another, an economy is in short-run equilibrium. Finding the point where AD meets SRAS will allow you to determine the short-run equilibrium in the AD-AS model. The equilibrium is made up of the equilibrium output and the equilibrium price level. Thinking of the short-run equilibrium as "how much real GDP is this economy making right now, and what is an economy's current CPI" is a good approach.According to our analysis of markets, when an economy is out of equilibrium, prices change until the market reaches equilibrium. A short-run macroeconomic equilibrium follows the same general principle, but with a slight change.
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Which two ratios should be of greatest interest to
a) A pension fund considering the purchase of 20-year bonds?
b) A bank contemplating a short-term loan?
c) A common stockholder?
Two ratios should be of greatest interest to A pension fund considering the purchase of 20-year bonds will be debt-to-assets ratio .
A. Interest income, which indicates the entity's ability to make interest payments, and debt-to-assets ratio, which indicates the entity's ability to absorb losses without adversely affecting the interests of its creditors.
B. liquidity ratios and acid test ratios, which indicate a company's liquidity and short-term ability to service its liabilities;
C. his earnings per share and return on equity of common stockholders; Both show the earning power of an investment.
Liquidity ratio :A liquidity metric is used by creditors (and sometimes debtors) to calculate whether a company can repay creditors from all its available cash. The higher the company's cash ratio, the more liquid its assets and the easier it is to service its short-term debt.
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According to the misperceptions theory of the short-run aggregate supply curve, if a firm thought inflation was going to be 4 percent and actual inflation was 2 percent, then the firm would believe that the relative price of what it produces had....
decreased, so it would decrease production.
Answer: In accordance with the short-run aggregate supply curve's misperceptions theory, if a firm anticipated inflation to be 4% and it ended up being 5%,
Explanation: Why does a short-run aggregate supply curve have an upward slope, and how does the misperception effect explain it?
The inclination of producers to increase supply when they notice a rise in prices causes the short-run aggregate supply curve to have an upward slope. Worker misconception is the cause of the SRAS's increasing slope. Businesses raise the nominal wages of employees as economic prices rise.
The misperception theory is what?
The misperceptions theory postulates that when prices suddenly drop, suppliers wrongly think their relative pricing have also dropped, which prompts them to cut back on output.
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Which of the following is true of the Committee of Sponsoring Organizations controls and the Sarbanes- Oxley requirements? Multiple Choice They result in less transparency in ensuring ethical corporate governance. They encourage greater accountability for financial stewardship They result in a lesser emphasis to prevent any financial misconduct. They do not impact executives, boards, and internal audits.
The statement that is true of the Committee of Sponsoring Organizations controls and the Sarbanes- Oxley requirements is: b. They encourage greater accountability for financial stewardship.
What is Committee of Sponsoring Organizations controls?Committee of Sponsoring Organizations controls play an important role when it comes to internal control as they help to improve or enhance an organization internal control system based on the fact that they help to provide guideline that enables companies to analyze and evaluate their internal control.
On the other hand Sarbanes- Oxley requirements is a requirement that states that companies or organization should tend to often include internal control when preparing their financial statement.
Therefore the correct option is B.
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An American company operates a fast food restaurant in Paris, France. Which of the following statements is accurate? The value of the goods and services produced by the restaurant is included in both French GDP and U.S. GDP.
The value of the goods and services produced by the American fast food restaurant in Paris, France would be included in French GDP but would not be included in U.S. GDP.
What is GDP?
Gross Domestic Product (GDP) is a measure of the market value of all final goods and services produced within a country in a given period of time, typically a year. It is used to measure the economic performance of a country and is a key indicator of the overall well-being of a nation.
The value of the goods and services produced by the American fast food restaurant in Paris, France would be included in French GDP because the restaurant is located within the territorial boundaries of France and is producing goods and services that are consumed within France.
However, the value of the goods and services produced by the restaurant would not be included in U.S. GDP because the restaurant is not located within the territorial boundaries of the United States and the goods and services it produces are not consumed within the United States.
Hence, only goods and services produced within a country's territorial boundaries and consumed within that country are included in that country's GDP.
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According to this model, which of the following statements are true as a result of the quality change? Check all that apply.
O The real exchange rate declines.
O Net capital outflow decreases.
O The trade balance decreases.
O There is no change in the real interest rate.
True or False: The claim that some people made in the popular press is consistent with the model in this chapter.
True
False
True or False: The change in the real exchange rate that resulted from the decline in the quality of U.S. products may decrease our standard of living.
True
False
Based on the Trade Balance graph given, the correct following statements are:
The real exchange rate declinesThe trade balance decreasesThe claim that some people made in the popular press is consisten with the model in this chapter is TRUEThe change in the real exchange rate that resulted from the decline in the quality of US products may decrease our standard of living is TRUE.Please refer to the graph below for the question graph.
Trade Balance or Balance of Trade (BOT) refers to the difference between imports and exports levels made by a country. A positive trade balance represents the more exports made by a country than imports. A negative trade balance shows that a country imports more products than its exports.
The negative trade balance will directly impact the real exchange rates, because trade balance reflects the demand for a currency. A country with positive trade balance experiences increasing demand for its currency and have higher rate exchange rates.
When the US experience trade deficit because of a decline in the production quality, US dollar also experience lower real exchange rates. Net capital outflows will increase since more foreign investors will try to withdraw their investment from the country. To secure the limited net capital, the Fed will try to increase the real interest rate to keep the market interesting for investors.
The change in the real exchange rate might impacting the standar of living. If the production quality could not improve and the people have tot depend on using imported goods, the decrease in the real exchange rate will make those imported goods price higher. Hence the standar of living will decrease along with the decrease on the real exchange rate.
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Silas has been recently promoted to head of his department. He is responsible for maximizing the profits of the department and to ensure that the earning are ploughed back into the business. Silas is most likely to head a
Investment center
Silas has been recently promoted to head of his department. He is responsible for maximizing the profits of the department and ensuring that the earnings are plowed back into the business. Silas is most likely to head an investment center.
Business is the exercise of creating one's dwelling or earning money through producing or shopping for and promoting products. it is also "any hobby or organization entered into for profit.
A commercial enterprise is described as an company or enterprising entity engaged in industrial, industrial, or professional activities. agencies may be for-profit entities or non-earnings groups. enterprise sorts variety from limited liability agencies to sole proprietorships, businesses, and partnerships.
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Real options analysis is appropriate to use when __________________; a ________________ investment up front can be followed by subsequent investments.
investments can be staged; larger
investments can be staged; smaller
decisions are complex; large
decisions are not complex; large
Real options analysis is appropriate to use when the investments can be staged; a smaller investment up front can be followed by the subsequent investments.
What is Real options analysis?The term "real options analysis" (ROA) in finance refers primarily to the choice to design, dump, inflate, or decrease a capital investment. The ROA method can help investors keep their investing alternatives open, allowing them to investigate other, more riskier opportunities. The investor does not need to make a long-term commitment to these speculations in order to accomplish this via ROA. It enables analysis while identifying investment halt points. Applications in corporate finance and general decision-making under uncertainty can both benefit from real options analysis' approaches and techniques. Research and development managers frequently utilize ROA to determine the optimum investment strategy for their business. ROA forces the person or group to make assumptions in their projections clear-cut.
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If we multiply the current stock price per share and the number of shares outstanding, we will be able to calculate the _____ value of equity.
If we multiply the current stock price per share and the number of shares outstanding, we will be able to calculate the market capitalization value of equity.
Capitalization (American English) or capitalisation (British English)[1] is writing a phrase with its first letter as a capital letter (uppercase letter) and the closing letters in decrease case, in writing structures with a case distinction. The time period also may also talk to the selection of the casing carried out to text. traditional writing structures (orthographies) for specific languages have distinct conventions for capitalization, as an example, the capitalization of titles. Conventions additionally vary, to a lesser extent, among distinctive fashion publications. similarly to the Latin script, capitalization additionally influences the Armenian, Cyrillic, Georgian and Greek alphabets.
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Consider the following scenario. If foreign goods are relatively more expensive than U.S. goods, exports from the U.S. rise. How would this scenario make the aggregate demand curve change? a. The AD curve would shift to the left.
b. The AD curve would remain unchanged.
c. The AD curve would shift to the right.
The AD curve would shift to the left this scenario make the aggregate demand curve change. (OPTION A) As a result, the quantity demanded at a given price can be larger or lower.
If a good is a normal good, a decline in income, a decrease in the price of a substitute, and a rise in the price of a complement can all result in a decrease in demand and a shift to the left of the demand curve. A shift in consumer preference to buy a specific good or service, regardless of a change in price, is referred to as a change in demand. A change in customer preferences or income levels may be the cause of the change.
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Agile project management focuses on ____________ collaboration between the project team and customer representatives.
Agile project management focuses on active collaboration between the project team and customer representatives
Collaboration between the Team and with the ClientThe team participates with the client in the creation of the prioritized list of requirements of the product or project, in the replanning meetings of the product or project, providing the estimation of their effort and contributing improvements, new ideas and innovation.At the start of each iteration, in the iteration planning meeting, the team asks the client for any details they may need from the requirements in order to better size the content of the iteration.All of this is synthesized through iteration planning meetings and daily team synchronization meetings.For more about labor collaboration here https://brainly.com/question/19956363
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To figure whether she should pay estimated tax for 2021, Jane determines her expected adjusted gross income for 2021 will be $82,800. Her AGI for 2020 was $73,700. Her total tax on her 2020 return was $9,001. Using the 2021 Estimated Tax Worksheet she figures her total 2021 estimated tax to be $11,015. Her tax expected to be withheld in 2021 is $10,000. She will file as Head of Household and expects no refundable credits in 2021. All of the following are true regarding Jane’s estimated taxes except:
A. She expects to owe at least $1,000 for 2021 after subtracting her withholding from her expected total tax
B. She expects her income tax withholding to be at least 90% of the tax to be shown on her 2021 return
C. Jane does not need to pay estimated tax
D. Jane will need to pay estimated tax
Answer:
C. Jane does not need to pay estimated tax
a warehouse management system (wms) helps keep track of the movement and storage of the materials in a dc system. which of the following is not one of the four specific aspects of dc systems that a wms will help track?
A warehouse management system (WMS) is software that streamlines every part of warehouse management – from receiving and storage to picking, packing, shipping, inventory tracking, and all the steps in between.
What is Warehouse Management System?
The term "warehouse management" describes the planning and oversight of all warehouse operations. As it includes tasks like maintaining inventory balance, managing supplies, the pickup process, staff productivity, tracking the transportation of goods, etc., it is regarded as a cornerstone of the logistics ecosystem. A powerful WMS is a piece of software created to optimise every step of the operational process, which may be advantageous for both the clientele and the company.
It also includes the organizational tools, rules, and procedures necessary to maintain efficient warehouse operations. Depending on the industry the software supports, different functions are frequently implemented. This has the potential to lower manual mistakes and raise productivity as a whole.
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Identifying the effects of a transaction
Answer: All transactions are recorded in the books of accounts on the basis of the dual-aspect concept.
Explanation: A transaction is a completed agreement between a buyer and a seller to exchange goods, services, or financial assets in return for money. The term is also commonly used in corporate accounting. In business bookkeeping, this plain definition can get tricky.
Thus, every transaction affects at least two accounts in opposite directions. There can be no transactions in a business that affect only one account or have only one aspect because the double-entry system of accounting is followed while recording the transactions in the books of accounts. For example, if furniture is purchased for cash, the transaction will affect two accounts. i.e. Furniture A/c, as furniture is increased and Cash A/c as cash is decreased.
Each transaction has two effects on a balance sheet - one that increases an asset and one that decreases a liability. These two effects cancel each other out, so the balance sheet always remains in balance.
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Which of the following is a type of sales promotion that can be used if the organization's goal is to increase brand loyalty? A. frequent-buyer programs B. event sponsorship C. direct mail advertising D. advocacy advertising E. sweepstakes and contests
frequent-buyer programs is a type of sales promotion that can be used if the organization's goal is to increase brand loyalty.
What is frequent-buyer programs ?
Companies can reward customers with points or benefits through a loyalty program. And in exchange, they can use their points to get deals, freebies, rewards, or access to exclusive benefits. The objective is to increase customer loyalty and establish trust with the brand. According to 95% of customers, trusting a business makes them more loyal.
The Frequent Buyer Program is a loyalty program which targets customers repeatedly buying the same or similar items. These are repeated purchases and retailers want to encourage customer retention, so they give, for example, one item for free for every 10 purchased. hence, frequent-buyer programs is a type of sales promotion that can be used if the organization's goal is to increase brand loyalty.
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Scroll down to complete all parts of this task.
In Year 3, Cougar Co. purchased the equipment indicated in the situations below. The company has a December 31 year end and records depreciation using the straight-line method.
To prepare each required journal entry:
Click on a cell in the Account Name column and select the appropriate account. An account may be used once or not at all for a journal entry.
Enter the corresponding debit or credit amount in the associated column.
All amounts will be automatically rounded to the nearest dollar.
Not all rows in the table might be needed to complete each journal entry.
If no journal entry is needed, check the "No Entry Required" box at the top of the table as your response.Cougar purchased a tractor on March 1, Year 3, for $240,000, and the estimated useful life was 5 years. Cougar recorded $48,000 for depreciation expense in Year 3. Record the entry upon discovery of the error in Year 4. Assume that Cougar records depreciation expense monthly.
No Entry Required
A B C
1 Account Name
Debit
Credit
2 3 4 5
The journal entries to record the Depreciation Expenses for Cougar Co. are as follows:
Journal Entries:Account Name Debit Credit
1) Depreciation Expense $11,000
Accumulated Depreciation $11,000
2) Year 4 Depreciation Expense $40,000
Accumulated Depreciation $40,000
3) June 30, Year 4: Depreciation Expense $4,500
Accumulated Depreciation $4,500
What is the journal entry for depreciation expense?The journal entry for depreciation expense is to debit the Depreciation Expense account and credit the Accumulated Depreciation account.
The Depreciation Expense appears on the income statement while the Accumulated Depreciation appears in the balance sheet as a contra account of the long-term asset.
Adjustment Analysis:1) Additional Engine:
Equipment Addition $65,000 Cash $65,000
Equipment $120,000 Accumulated Depreciation $20,000
Remaining useful life = 10 years (12 -2)
Additional useful life following the equipment addition = 5
New useful life of Equipment = 15 years (10 + 5)
Annual depreciation = $11,000 ($165,000/15)
Depreciation Expense $11,000 Accumulated Depreciation $11,000
2) Tractor:
Year 4 Depreciation Expense $40,000 ($48,000 - $8,000) Accumulated Depreciation $40,000 ($48,000 - $8,000) $8,000 is to reverse the overstatement in Year 3.
3) Snowmobile:
Cost of Snowmobile = $19,000
Salvage value = $1,000
Purchase date = October 1, Year 3
Depreciable amount = $18,000
Annual depreciation = $6,000 ($18,000/3)
Estimated useful life = 3 years
Year 3 Depreciation Expense = $1,500 ($6,000 x 3/12)
Year 4 Depreciation Expense = $6,000
Year 4 Depreciation Expense to June 30 = $3,000
June 30, Year 4: Depreciation Expense $4,500 Accumulated Depreciation $4,500
Learn more about journalizing depreciation at https://brainly.com/question/29774318
Question Completion:1) On January 1, Year 3, Cougar added an engine to a backhoe at a cost of $65,000, which extended the estimated useful life of the asset by 5 years. The original equipment, purchased January 1, Year 1, cost $120,000 and had an estimated useful life of 12 years. Record the entry needed on December 31, Year 3. Assume that Cougar records depreciation expense annually.
2) Cougar purchased a tractor on March 1, Year 3, for $240,000, and the estimated useful life was 5 years. Cougar recorded $48,000 for depreciation expense in Year 3. Record the entry upon discovery of the error in Year 4. Assume that Cougar records depreciation expense monthly.
3) Cougar purchased a snowmobile on October 1, Year 3, for $19,000, with a $1,000 salvage value, and the estimated useful life was 3 years. Due to an oversight, the company failed to record depreciation expense in Years 3 and 4. Record the entry needed on June 30, Year 4, when the oversight was discovered. Assume that Cougar records depreciation expense monthly.